Rent control is defined by Investopedia as follows: “A price control that limits the amount a property owner can charge for renting out a home, apartment or other real estate. Rent control acts as a price ceiling by preventing rents either from being charged above a certain level or from increasing at a rate higher than a predetermined percentage.”

Note that rent control does not necessarily mean that the housing under rent control will be affordable. A landlord can increase the rent of a rent controlled unit every two years by 7.5% until the maximum base is reached.

According to the NextGeneration NYCHA study, NYCHA serves 1 out of 14 New Yorkers, housing a total of more than 607,000 people. The study states that this population exceeds the populations of Miami, Los Vegas, and Atlanta.